The age of the average renter is increasing. According to AgeUK, the number of private-rented households for those aged 45-64 has more than doubled in the last ten years. Estimates also suggest that the number of renters aged 65 and over could double between 2014 and 2039.
Rented properties, especially those which are BTR, are a particularly attractive option to older residents looking for secure, hassle-free accommodation.
As a property manager, you want to understand and respond to each of your residents’ different needs. It’s important to consider that your older residents have different wants and preferences than their younger counterparts. Here’s what you need to think about to provide a great experience to the elderly in your block.
Make Repairs & Maintenance Easy
AgeUK found that a fifth (21%) of homeowners aged 60 and over thought that cost of maintenance was their biggest concern. Over a third (35%) indicated that they had significant worries about being able to carry out everyday jobs to keep their homes in order. Repairs and maintenance issues should be easy to report in whichever way the resident feels the most comfortable. That means the tech-savvy can use the Internet, but ensure that you have a dedicated maintenance number as a backup option.
Keep Assets in Good, Working Condition
Certain aspects of your block will be used more often by this demographic. For example, a lift breaking down may not bother a younger person too much, as they can comfortably use the stairs, but it could critically impact someone who is less mobile. For this reason, it’s important to keep your lifts working via planned maintenance activities.
This means replacing parts when the manufacturer recommends, not simply when they break. It’s better for the lift to be out for a few hours for planned maintenance than for it to be unusable for days.
Provide Support Throughout the Entire Customer Journey
Agencies sometimes fall into the trap of only caring about the customer when things go wrong or need to be repaired. Normally, the customer journey goes like this: move-in, repairs reported, move out.
But there’s a stage missing. What about after the resident has moved in? Visit in-person to see how things are going. Issues or questions can easily stack up in a new, unfamiliar environment in the first few months. Ensure your customer service team has excellent social skills. Sometimes residents will just want an excuse to chat, so be prepared to meet their needs.
Be Transparent With Costs & Terms
Budgets can get tight once people begin working less or retire completely. Make rent and service charge one monthly payment so your residents can easily plan for what they will be spending. Plan any rent raises carefully and communicate them clearly and with plenty of notice. Lease terms, too, should be as simple as possible. Pages and pages of small text can pose problems, so pare things down to make them easy to read and digest.
Assured Tenancies
Assured tenancies offer the peace of mind that older renters will appreciate. They can’t be ended without the landlord having a legal reason to do so, so they will never need to worry about losing their home unless they choose to move out.
Customer Service on Their Terms
Some may like face-to-face interactions. Some may prefer to use the phone. Whatever their preferences, your residents should know they can reach out to you with any issues or queries they might have. An onsite manager will be a friendly face that many will be happy to come to with their concerns or even just for a chat.
Be Aware of Loneliness
The elderly are particularly vulnerable to loneliness because they often live alone, have smaller friend circles and have limited access to places further away than the immediate area. The best way to fight this is to provide a sense of community.
Have resident gatherings and events in shared areas, and be aware that seniors may prefer to be with other residents like them rather than mixed in with families and kids. However, consider that some residents will prefer their own company, so attendance should be optional.
Keep an Eye on Welfare
Older residents are more vulnerable to accidents or changes in temperature. Ensure everyone is warm enough in winter and cool enough in summer. Be aware also of the possibilities of dementia as people age. It’s a good idea to let the other residents know about some of the signs, so they are prepared for the possibility of odd behaviour.
Keep assets in good condition and ensure your older residents can easily report repairs and maintenance issues using Fixflo’s Build to Rent solutions. The online repairs portal guides residents through a picture-based reporting process, allowing them to self-manage repairs and even carry out small fixes themselves where appropriate.
